How To Pay LIC Premiums Through PhonePe?

The Life Insurance Corporation of India is one of the most trusted insurance providers in the country. This government-owned entity has, of late, introduced several initiatives in the digital space to make insurance more accessible and convenient. LIC policy premiums can now be paid online through various apps, such as Google Pay, PhonePe, PayTM, among others. Read along to find out how to pay LIC premiums, specifically through PhonePe.

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LIC Premium Payment Online

Online premium payment for LIC’s life insurance policies has made it easier for policyholders to keep track of their policy status. LIC’s online portal now features several payment modes that one can use to repay loans, pay interest, premiums, and renew their policies. These services can be availed 24/7 from the comfort of your homes, in addition to being completely free of charge. On successful payment, you will receive the e-receipt immediately without having to wait for someone to finish formalities on your behalf. 

The online LIC premium payment modes available are Credit Cards, Debit Cards, Net Banking, Google Pay, Amazon Pay, PayTM, PhonePe, and Mobikwik. The following sections discuss LIC premium payment through PhonePe in detail. 

LIC Premium Payment through PhonePe

PhonePe is a UPI-based transactional digital payment application that users can download from their app stores. It has become one of the most popular payment gateways, with over a million transactions occurring every day. You can link your bank account, credit card, debit card and use either of these modes to pay LIC policy premiums. 

Step-by-step Guide on How To Pay LIC Premiums Through PhonePe

  • Once you install the application on your phone, you shall be asked to enter the mobile number that is linked to your bank account. 

  • Enter the OTP to create your PhonePe profile.

  • Add your bank account to make UPI-based transactions. 

  • Now scroll to the Recharge & Pay Bills section.

  • Under Financial Services & Taxes, you will find LIC/Insurance and click on it.

  • Click on Life Insurance Corporation of India. 

  • You will now be asked to insert your Policy Number and email ID.

The LIC policy number can be found on that policy bond that was issued to you at the time of purchase. Further, the email ID is where you will receive confirmation of payment or the receipt upon successful transaction.

  • Click on Confirm. 

  • The resulting page highlights all the important information regarding the policy and the due premium amount. 

  • You’ll find multiple payment options to choose from, including PhonePe wallet, UPI (BHIM/Google Pay), Debit card, Credit card.  

  • After choosing a suitable option, click on Pay Bill. 

  • You shall be asked to enter verification codes as per the option chosen. 

  • Please remember to wait while the payment is being processed. Do not press back or anything else. 

  • If it’s a debit card or credit card payment, you will receive an OTP on your phone that you will need to enter. 

  • Once your screen reflects Bill Payment Successful, you can click on done. 

Note that the bill status shall be reflected on your portal in 3 to 5 days from the date of payment. 

You can view the receipt on your email ID that you can download to claim tax benefits. Furthermore, the receipt will also be available for download on the PhonePe app under the History section. 

In Conclusion!

Now that nearly every aspect of insurance purchase has been made online, customers no longer have to wait in queue at a local LIC branch. From premium payments, renewals to loan repayment and claims, all you have to do is visit LIC’s online portal or one of the payment modes mentioned above to complete them. PhonePe has emerged as a reliable source of transactions and comes with many offers and benefits from time to time. The guide should be helpful in successfully making your LIC policy premium payments through the PhonePe application.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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